Study: 64% of U.S. Independent Venues lost money in 2024
Nearly two-thirds of independent live music venues in the United States operated at a loss in 2024, according to a new nationwide economic impact study released today by the National Independent Venue Association (NIVA).
Presented during the opening of the NIVA ’25 conference in Milwaukee, the report — The State of Live — was conducted by TEConomy Partners and marks the first large-scale study of its kind for the independent live sector. The findings highlight growing financial strain in a sector that, despite its significant economic contribution, is struggling to remain viable.
The study reveals that 64% of independent venues were unprofitable in 2024, with many citing rising inflation, anti-competitive industry practices, and predatory ticket resale as the primary challenges to sustainability. While these venues generated substantial value — contributing $86.2 billion to the U.S. GDP and supporting over 908,000 jobs — their financial margins remain under pressure.
“This report shows a stark reality: while independent venues are economic drivers, most of them are not financially sustainable,” said Stephen Parker, Executive Director of NIVA. “Without meaningful policy support, many are at risk of closing their doors.”
Among other findings:
Independent venues generated $153.1 billion in total economic output in 2024
The sector supported over 908,000 jobs and paid out $51.7 billion in wages and benefits
31% of expenses at independent stages went to artist and booking fees
91% of venues operate year-round
The sector generated $19.3 billion in annual tax revenues for federal, state, and local governments
Despite these contributions, the financial instability has prompted calls for public intervention and policy reform. NIVA officials say the report is intended to provide data-driven support for venues as they advocate for relief at local, state, and federal levels.
“We finally have real numbers to back up what independent venue owners have been saying for years,” said Sean Watterson, Chair of the State of Live Task Force. “We’re vital to local economies, but without action, many of us won’t survive.”
NIVA is using the study to urge lawmakers to take steps to protect and support independent venues, including fairer industry practices and targeted economic relief. The association warns that without intervention, the cultural and economic ecosystems surrounding live entertainment could face lasting damage.